Bruin E&P Partners Sold for $465-Mil. Just 6 Months After Bankruptcy

The debt-for-equity plan of Bruin E&P Partners, LLC, was confirmed in August last year. In that plan, lenders owed $400.9 million under the revolving credit facility got 92.5% of the new interests while holders of notes totaling $589 million got 7.1%. The disclosure statement said that the RBL lenders were to recover 53.9% of their claims. PJT's valuation analysis said the equity value was $134 million to $334 million, with a midpoint of $234 million. Just five months later, on Jan. 25, Canadian company Enerplus Corp. announced that it has signed a deal to acquire all of the shares of Bruin for $465 million. The RBL Lenders, owed $430 million, recovered 92.5% of a $465 million pie, or 107% on account of their claims, and the Noteholders, owed $590 million, recovered 7.1% of a $465 million pine, or 5.6% of what they were owed. That's a 7% premium to the RBL Lenders, and double the money for entities who purchased Bruin Notes at less than 3 cents on the dollar! Subscribe to the Troubled Company Reporter for more information. Visit http://bankrupt.com/periodicals/tcr/tcr.html